Declaration of Subordination. At the option of State Farm, this Mortgage shall become subject and subordinate, in whole or in part (but not with respect to priority of entitlement to insurance proceeds or any Award) to any and all Leases of all or any part of the Secured Property upon the execution by State Farm and recording thereof, at any time hereafter and in the appropriate official records of the county wherein the Real Estate is situated, of a unilateral declaration to that effect.
Appears in 3 contracts
Samples: Open End Mortgage and Security Agreement (Griffin Industrial Realty, Inc.), Open End Mortgage and Security Agreement (Griffin Industrial Realty, Inc.), Mortgage and Security Agreement (RREEF Property Trust, Inc.)
Declaration of Subordination. At the option of State Farm, this Mortgage shall become subject and subordinate, in whole or in part (but not with respect to priority of entitlement to insurance proceeds or any Award) to any and all Leases of all or any part of the Secured Property Premises upon the execution by State Farm and recording thereof, at any time hereafter and in the appropriate official records of the county wherein the Real Estate is situated, of a unilateral declaration to that effect.
Appears in 3 contracts
Samples: Mortgage and Security Agreement (Blue Ridge Real Estate Co), Mortgage and Security Agreement (Blue Ridge Real Estate Co), Mortgage and Security Agreement (Roberts Realty Investors Inc)
Declaration of Subordination. At the option of State Farm, this Mortgage shall become subject and subordinate, in whole or in part (but not with respect to priority of entitlement to insurance proceeds or any Award) to any and all Leases of all or any part of the Secured Property upon the execution by State Farm and recording thereof, at any time hereafter and in the appropriate official records of the county municipality wherein the Real Estate is situated, of a unilateral declaration to that effect.
Appears in 1 contract
Samples: Construction Mortgage Deed and Security Agreement (Griffin Industrial Realty, Inc.)
